These home loans could put more money in your pocket and shave years off your mortgage
By far the biggest ongoing expense for the majority of Australian property owners is their monthly mortgage repayments. And yet, we are stubbornly loyal to the banks, often paying higher interest rates than we need to.
Mozo recently crunched the numbers as part of our 10 year mortgage analysis and found that there are some serious savings to be gained for borrowers who shop around. Back in 2015, borrowers potentially stood to save $180 a month by switching to a more competitive rate. Today, that figure has more than doubled to $373, which is equivalent to roughly $4,400 a year#.
If you are considering switching, the good news is that following on from the August RBA rate cut we’re seeing a lot of competition in the home loan market right now as lenders big and small fight it out for new customers – with incentives ranging from discounted rates, cashback, and added features like multiple offsets and loyalty bonuses.
And in the past if you were put off by the thought of all the paperwork needed, switching home loans has also become a lot quicker and easier in recent years thanks to digital applications and online approvals. In fact, some lenders claim you can make an application in under 10 minutes.
Check out some of the latest home loan offers below and compare these with your current mortgage rate to see how much you could save:
Loyalty discount
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Unloan Variable Home Loan
- 5.24% p.a. variable rate (5.15% p.a. comparison rate*)
- Australia's first home loan loyalty discount
- Low cost home loan winner – Mozo Experts Choice Awards 2023, 2024 & 2025^
Unloan’s Variable Home Loan has taken out a low cost home loan award for an impressive third year running in the Mozo Experts Choice Awards^. Built by CommBank, Unloan offers owner occupiers a super low 5.24% p.a. variable rate (5.15% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for loans of up to $10M. Minimum 20% deposit.
Earn points
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Virgin Money Loaded Home Loan
- Variable rate from 5.34% p.a. (5.64% p.a. comparison rate*)
- Earn Virgin Money Points at settlement and every month
- 100% interest offset across up to 10 Go accounts
As the name suggests, this home loan comes loaded with great features from earning rewards points for paying off your loan that you can spend on everything from shopping, cashback and flights, to the 100% interest offset which can help you to save on interest repayments as funds in Go accounts will offset interest payable (up to 10 accounts). You can earn 2,000 Virgin Money points for every $10,000 borrowed at settlement plus score a repayment reward of 2,000 points every month - as long as you’re not behind on your repayments (T&Cs apply). Interest rates will vary depending on your loan-to-value ratio with the best variable rates available for a LVR of 60% or less at 5.34% p.a. (5.64% p.a. comparison rate*). There’s a $295 annual fee and a $150 loan settlement fee to consider. Virgin Money cover valuation costs up to $300.
Cashback
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Greater Bank Discount Great Rate Home Loan
- Variable rate from 5.19% p.a. (5.20% p.a. comparison rate*)
- Get up to $3,000 cashback when you apply online (T&Cs apply)
- Mozo Experts Choice Awards winner for Low Cost Home Loan in 2025^
Greater Bank has one of the most competitive variable rates in our database at 5.19% p.a. (5.20% p.a. comparison rate*), and it also won a Mozo Experts Choice Award for Low Cost Home Loan.
Sweetening the deal is Greater’s cashback offer, which can land you up to $3,000 back in your pocket when you apply for this loan online (T&Cs apply).
There’s no offset account with this loan, but you’re able to make extra repayments and can redraw those funds at any time. There are no ongoing fees, but you will need to pay a $180 application fee.
Discounted rates
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BOQ Discount Fixed Rate Home Loan
- 4.89% p.a. for 2 years (5.42% comparison rate*)
- $2,000 cashback for new loans refinanced from another lender (T&Cs apply)
- Up to $10,000 extra repayments annually
Want the certainty of fixed repayments, but with a bit of extra flexibility? BOQ’s Discount Fixed Rate Home Loan lets you lock in a rate for two to five years, with a sharp 2 year 4.89% p.a. interest rate (5.42% p.a. comparison rate*) that ranks among the lowest in our database for borrowers with at least 20% deposit or equity. You can still make up to $10,000 in extra repayments each year and choose a repayment schedule that works for you. Refinance from another lender and you can pocket $2,000 cashback (T&Cs apply). There’s no application fee, but there is a $150 settlement fee and an ongoing $10 monthly service fee to keep in mind.
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.